Boardwalk Casino names Jeffery P. Jacobs to Board of Directors.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nev.--(BUSINESS WIRE)--Dec. 5, 1996--Boardwalk Casino Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BWLK) today announced that its Board of Directors has named Jeffery P. Jacobs as a director. Jacobs, through Diversified diversified (di·verˑ·s Opportunities Group Ltd., a company controlled by Jacobs Entertainment Ltd., previously invested $9 million in Boardwalk in a combination of convertible debt and common stock. Jacobs' application for a gaming license is pending before the Nevada State Gaming Commission, however, he has received the appropriate waiver The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished. The term waiver is used in many legal contexts. required to accept this board position. In a separate transaction, Diversified Opportunities purchased 317,589 shares of Boardwalk at $7 a share from Boardwalk's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Norbert Jansen, bringing their total holdings to 1,071,429 shares. "We are pleased to have the faith of such a prestigious organization behind Boardwalk's drive to the future," CEO and Chairman Norm Jansen remarked, "our goal has always been to build this property into a significant entity on the Las Vegas Strip The Las Vegas Strip (also known as The Strip) is a 4 mi (6.7 km) section of Las Vegas Boulevard South, most of which has been designated an All-American Road. , and we now believe we have the backing to accomplish that goal." Boardwalk currently has 653 rooms and 33,000 square feet of gaming. The property is situated on 8 acres on the Las Vegas Strip directly north of the new mega-resort Monte Carlo Monte Carlo (môNtā` kärlō`), town (1982 pop. 13,150), principality of Monaco, on the Mediterranean Sea and the French Riviera. , and directly south of the planned mega-resort Bellagio. The company is in the initial stages of developing a plan to significantly increase the size of its operations. Jacobs stated "I am thrilled to be working closely with Boardwalk's management. We plan to be very active in our association with the company." Boardwalk Casino, Inc. currently owns and operates a 653-room hotel --- operating as a Holiday Inn(TM) franchise --- and a 33,000 square foot casino located on Las Vegas Boulevard (The "Strip"). The company's common stock and warrants are traded on NASDAQ under the symbols "BWLK" and "BWLKW", respectively. CONTACT: Boardwalk Casino, Inc. Nan McKown, 702/739-3108 Fax: 702/739-7918 |
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